AUSTRALIA: Foster’s shareholders approve buyback
The Australian Foster's Group today got the green light from shareholders to move ahead with an on-market A$900m share buyback.
At a general meeting this morning shareholders approved the company buying back 125m shares, with the option of a further 75 million shares depending on the market response.
Foster's believes the buyback in necessary because of the expected dilution in earnings per share following the spin off of Australian Leisure and Hospitality Group and the conversion of $US400m of convertible exchangeable bonds, which lead the issuing of an additional 125 million shares.
A revised assessment by Southcorp's independent expert has valued the company's shares closer to the bid value offered by Foster's Group....
Australian liquor giant Foster's bid for winemaker Southcorp is gathering momentum....
As one takeover story trundles on, another one has just moved up a gear....
The chief executive of Foster's believes the global premium wine industry is on the upturn....
Foster's Group Ltd is expected to announce that it is lifting its offer for fellow Australian Southcorp, transforming three months of corporate hostility into a friendly takeover....
Shares in Southcorp and Foster's have been halted from trading, pending an announcement....
Southcorp's share price has dropped below the offer price made by Foster's for the first time today (18 April)....
Foster's Group is considering upping its bid for Southcorp prior to extending its offer once again....
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